If You Accept $50 Signings
|lkthornton 45 posts over 11 years ago||
From another forum, I thought this info clarifies what you’re REALLY making as a business owner when you accept lowball signing fees.
“If you’re a newbie and take $50.00 signings, as I did, PLEASE read further.
I log ALL costs related to my notary business and after 3 years I figured it was time to find out where I was at financially. I also include all auto expenses (mileage) in the cost.
I took all income and all costs and found that 2/3 of my income was expenses. That means that for a $50.00 signing my profit was $16.67. Not good.
Now if you figure the minimum time it takes to do a simple signing, here’s what you get.
You’re making less than $6.00 per hour.
Go to McDonald’s, they pay more and there’s less stress."
|devinsmommy 3 posts about 11 years ago||
Thank you for the breakdown. I have accepted $50 a few times, but stopped when one day they couldn’t find someone to do the closing and called me back and offered more, so I said if it was that easy…why didn’t they offer more than $50 in the beginning.
|loansigner101 56 posts about 11 years ago||
I understand where you’re coming from, however, if the signing is overnight docs and the job is within a mile or two from me, I will likely accept the signing and I’m confident that I’m making more than $6 per hour. My signings almost never take more than 35-40 mins tops and to me, $50 for the day is better than $zero for the day. Ofcourse, we all have our own business model and mine has changed a lot over the past year. My area is very small and I’m very choosy as to who I work for. Do I get more for jobs near by? Sure! But not always and if the company is a solid payer and like I said, if the job is practically in my own back yard, I won’t snub my nose at the work. I have never, ever accepted less than $50 for a signing, ever.
|maggiemae 35 posts about 11 years ago||
I agree with Kelly, there are times a $50 signing is better than no signing at all and there are times I’ve made as much by doing a $50 signing as I have by doing a $125 when you figure in travel time and a hot-tempered borrower who is upset with the LO.
|lkthornton 45 posts about 11 years ago||
I disagree with both you and Kelly for this reason to paraphrase what someone else on another board wrote: When signing agents take $50 assigments, this increases the expectation of agencies that we should ALL take them for $50 and it devalues the work we all do.
It doesn’t matter that the docs were overnighted to the borrower who lives next door….it still devalues/cheapens the profession. I don’t believe a signing agent should accept less than $100 for O/N docs under any circumstances – and with gas at nearing $5 per gallon, that fee could be raised to $125, but they have a right to run their business at a loss if they so choose……JMHO
|uclanotary 27 posts about 11 years ago||
I totally agree with you lkthornton! If we all stuck together and expected what we are WORTH, we would not have someone trying to pay us $50 for a signing!
I just had the unfortunate experience of turning down a job last night. Signing Service wanted me to do a job for $100. It was for E-docs and it was a rush job. I told them that unfortunately, I couldn’t accept anything under $125. I have done business with this company before for $100 but with the way gas is now a days, I just CAN’T do it!
|dinahstallworth 3 posts about 11 years ago||
I understand both sides of this discussion. I don’t personally accept $50 signings, however, if a notary needs to take a $50 signing, because they need the money or for other reasons, that’s their business. I definitely value my work. I am an experienced notary closing agent, paralegal and abstractor and I quote my fees accordingly. I firmly believe, in a majority of situations, you get what you pay for. I try to make it real easy for my clients. I quote my fee and tell them when they try to get me to lower my price, I understand, if you feel you can’t meet my fee, “it’s business”, however, I tell them " it’s business for me also." It’s really quite simple, either they pay me or they pay someone else. The decision is always theirs.
|notarypatricia 3 posts about 11 years ago||
With companies popping up and NOT paying the notaries for their work, the price of gas, and the professionalism we need to portray to the public, I personally will not accept less than $100 for any signing. When asked, I tell the signing company my fee is $125 and if they have a problem with that, I reiterate the business expenses of a professional notary to them. In most cases, they will accept paying me $125 anyway because they’ve spent most of their day looking for a notary anyway.